Routine enquiries by an equity release adviser have helped a retiree claim a windfall of nearly £133k in backdated state pension benefits.
Peter Williams, 76, from Cardiff was struggling to make ends meet on the paltry proceeds of two workplace pensions which paid just over £500 month.
Having spent his life savings and inheritance and being forced to sacrifice visits to his local pub and holidays abroad, Williams turned to equity release to obtain the money he needed to update and decorate his home.
And it was during the course of the equity release adviser’s routine enquiries into state pension that it emerged Williams had been mistakenly missing out on the benefit for 11 years.
Getting advice
There is a requirement anyone taking out equity release must receive advice before proceeding to ensure there are no other routes available to them which are more suitable.
And this case was an example of why this process is so vital. For when the adviser, Graeme Donegani, dug deeper it emerged Williams had filled out a form at retirement but, having not heard back from the Government, had assumed he was not eligible.
Donegani got in touch with the state pension claim line and discovered Williams was entitled to £274 a week, starting immediately, and would also receive £132,800 in payment for the unclaimed years.
Williams said: “Words cannot describe the elation I feel. Graeme’s open-handed approach to my situation has changed my life and provided me with a very positive future.
“I no longer need to release equity in my property and will be able to live comfortably on my pensions.”
Checking entitlements
Responsible Life said this case highlighted why it was so important for retirees to check their entitlements to ensure they weren’t missing out on vital benefits.
Donegani explained Williams had no family and no one to help with financial matters. He had willed his house to charity. “Needless to say,” he added, “there is no basis to proceed further with equity release but it does mean that his charities will benefit from the value of his house in full.”
Steve Wilkie, managing director of Responsible Life, said: “It’s no exaggeration to say this money will change Peter’s life.
“It just goes to show all retirees need to make sure what their entitlements are, and if you make enquiries with the tax office no news isn’t necessarily bad news.
“This unexpected windfall also means he doesn’t need to release equity from his house and we couldn’t be happier for him.”
